Going into detail, Ripple’s Senior Director and Head of Product Marketing shared on LinkedIn the company’s plans to expand its payment services across the United States. Despite 90% of Ripple’s business activities taking place outside the US, the company aims to leverage its money transmitter licenses (MTLs) to introduce product updates, extending these licences to cover a majority of US states.
To mark this expansion, Ripple will host a fintech meetup at its newly inaugurated San Francisco headquarters. The event will feature a panel discussion on Ripple’s blockchain and payments outlook for 2024, led by two heads of product, with US Managing Director Joanie Xie moderating. Ripple’s Chief Technology Officer is expected to participate in the discussion, and the event will be followed by a casual happy hour for networking with professionals from Adyen, Marqeta, Plaid, and others.
According to crypto.news, as part of its strategic growth plan, Ripple is actively recruiting in various global locations, including Bangalore, San Francisco, Toronto, and London.
In another development, US-based asset management firms, such as BlackRock and Grayscale, plan to submit applications for a Ripple (XRP) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) according to crypto.news. The move follows a US district judge’s declaration that XRP is ‘not a security,’ which generated some movement in the cryptocurrency market.
The anticipated XRP ETF launch could involve BlackRock, a global asset manager overseeing over USD 8.5 trillion in assets. The introduction of an XRP ETF carries broader implications for the cryptocurrency market, making XRP more accessible to traditional investors and solidifying its non-security status amid ongoing legal and regulatory uncertainties.
What else has been going on with Ripple?
In November 2023, Ripple joined forces with payment network Onafriq to facilitate digital asset-enabled cross-border payments between Africa and other markets.
Through this partnership, Onafriq used Ripple Payments, Ripple’s crypto-enabled payments technology, to open up three new payments corridors between Africa and the rest of the world. Customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia gained the ability to make speedy and cost-effective remittance and business payments to recipients in 27 countries across Onafriq’s pan-African network.